EUR/JPY - Weekly technical Outlook

21 November 2009 @ 12:26 pm EDT

EUR/JPY's fall last week is inline with the near term bearish view that decline from 138.47 is still in progress. Initial bias will remain on the downside this week for 131.56 support first. Break there will confirm fall resumption to 129.02 support next, which is close to 100% projection of 138.47 to 131.56 from 135.68 at 128.77. On the upside, above 132.94 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 135.68 resistance and bring fall resumption.

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